Rating agency Standard & Poor’s (S&P) said on Friday that it had affirmed its ratings for 29 natural peril catastrophe bond tranches, issued by 13 different special purpose vehicle issuers, after the cat bonds had their annual resets of probability of attachment. In each catastrophe bonds case, S&P said that the probability of attachment had been reset to a percentage which was consistent with the cat bond transactions documentation and rating.

S&P also reviewed the creditworthiness of each cat bonds ceding company and the ratings on the collateral assets held in trust. All rating factors met with expectations and hence all cat bonds ratings affirmed.

A list of the all the affected catastrophe bonds, along with links to more details from our Deal Directory on the transactions and the ratings of each tranche, can be found below.